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    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
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EDP Energias de Portugal S A : Portugal EDP 9-month profit falls 8% due to pandemic, one-off costs

10/29/2020 | 12:29pm EDT

LISBON, Oct 29 (Reuters) - Portugal's largest utility, EDP , reported on Thursday an 8% drop in its 9-month net profit to 422 million euros ($499 million), hit by lower demand in Iberia and Brazil primarily due to the COVID-19 pandemic and closure of a major coal plant.

"EDP’s net profit dropped ... with electricity prices and demand falling significantly despite some recovery in the third quarter," EDP said in a statement, without providing quarterly figures.

It said the pandemic had a negative impact of 54 million euros on net income. The company also booked 247 million euros of non-recurring costs, including those related to the closure its coal plant in Sines.

The company, whose main shareholder is China Three Gorges, said its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) dipped 2% to 2.63 billion euros between January and September from a year ago.

Excluding exchange rates effects, particularly from Brazil where EDP owns a major utility, recurring EBITDA grew 3%, EDP said.

Net debt fell 6% to 13 billion euros from a year ago, while capital expenditure rose 37% to 1.8 billion euros in the nine months of the year, 95% of which in renewable energy and grid businesses.

Earlier on Thursday, EDP's wind energy unit EDP Renewables , reported a 7% fall in net profit to 319 million euros.

EDP said it has total cash and available liquidity facilities worth 7.7 billion euros covering its refinancing at least until 2023.

($1 = 0.8461 euros) (By Sergio Goncalves, Editing by Victoria Waldersee, Andrei Khalip and David Gregorio)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. -2.29% 4.568 Real-time Quote.-11.40%
EDP RENOVÁVEIS, S.A. -3.19% 18.82 Real-time Quote.-17.46%
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Financials
Sales 2021 13 903 M 16 488 M 16 488 M
Net income 2021 908 M 1 077 M 1 077 M
Net Debt 2021 12 660 M 15 014 M 15 014 M
P/E ratio 2021 19,5x
Yield 2021 4,27%
Capitalization 18 026 M 21 370 M 21 377 M
EV / Sales 2021 2,21x
EV / Sales 2022 2,17x
Nbr of Employees 12 039
Free-Float 69,6%
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Technical analysis trends EDP - ENERGIAS DE PORTUGAL, S.A.
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 22
Average target price 5,71 €
Last Close Price 4,57 €
Spread / Highest target 59,8%
Spread / Average Target 25,0%
Spread / Lowest Target 0,70%
EPS Revisions
Managers and Directors
NameTitle
Miguel Stilwell de Andrade Chief Executive Officer
Luís Filipe Marques Amado Chairman-Supervisory Board
Rita Sousa Head-Compliance
Maria Celeste Ferreira Lopes Cardona Member-Supervisory Board
Fernando Maria Masaveu Herrero Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
EDP - ENERGIAS DE PORTUGAL, S.A.-11.40%21 370
NEXTERA ENERGY-5.02%143 735
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IBERDROLA, S.A.-8.29%80 550
DUKE ENERGY CORPORATION8.79%76 622
SOUTHERN COMPANY3.13%65 053